(IDEX Online) - The IDEX Polished Price Index dipped very slightly during January (down by 0.27 per cent) following on from a 1.9 per cent rise in December.
The change of direction, after a long post-Covid decline, reflects a confusion and uncertainty that seems to pervade the industry at present.
The market appeared to be showing some early signs of a recovery as 2023 came to an end. What's happened over the last few weeks could simply mean it's briefly stalled ahead of Valentine's Day - or has gone into reverse again after the excitement of the holiday season.
India's two-month moratorium on rough purchases did jump-start the market, to some extent, but may not have a lasting impact. Ditto Alrosa's two-month voluntary halt on sales. De Beers' sales picked up in January ($370m) from a very low base, with the company warning of a long and slow recovery.
IDEX Online subscribers please click here to read the full report.